Tesla says Model Y ready to start production

Earlier this week, Tesla confounded critics by reporting healthy profits and significantly positive cash flow from July to September this year.

Federal agents are reviewing Tesla's stated Model 3 numbers dating back to early 2017, the Journalreports, citing unnamed sources. The automaker made 5,300 Model 3s during the final week of the third quarter, less than the weekly goal of 6,000 it had set for the end of August.

The vast majority of cars traded in by Model 3 buyers are non-premium models priced new at less than $35,000.

Tesla's CEO Elon Musk confirmed yesterday that he has already approved a prototype for the Model Y. This is the clearest indication so far that the all-electric crossover SUV could be hitting the market very soon.

Teslareported a record quarterly profit this week as the production of its Model 3 vehicles ramped up, this caused a boost in Tesla's stock despite the company facing a series of production delays only a few months previously. Tesla also posted $52 million (£40.5 million) from the sales of regulatory tax credits and $23 (£17.9) million in other income.

Tesla officials "were transparent about how hard it would be" to ramp up Model 3 production, spokesman Kamran Mumtaz said.

In their revised complaint, the shareholders said that they had spoken with multiple former employees at Tesla'sCalifornia assembly plant and Nevada battery factory who disputed claims the company had made about being on track to meet Model 3 targets by the end of 2017.

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"We note the competitive market will be steeper when Tesla launches in Europe given the bevy of new introductions from European OEMs".

What exactly United Kingdom buyers will have to pay for a Model 3 - and just what specifications will actually be available - remains to be seen, as does the price.

This came ten days before the company and Musk struck a settlement with the SEC in a separate case involving controversial tweets from the CEO.

Tesla shares got a boost earlier this week when a high-profile stock short-seller shifted gears to say the electric vehicle maker is "destroying the competition".

Despite not revealing the final prototype to the public, Musk approved production of the elusive Model Y crossover in a conference call discussing the company's third quarter financial results, according to Electrek. In other words, any Tesla owner will be able to share his or her vehicle just like they can share their house or apartment on Airbnb.

"Assuming R&D spending is not delayed and Tesla is not forced to introduce a lower price (Model 3) prematurely to maintain volume, Tesla could be self-funded", Jefferies analysts noted in a client note. "The $35,000 Model 3 remains a fantasy, and with the full tax credit for that auto now off the table, it will be interesting to see how many buyers are willing to keep waiting for it to be a reality". In the presentation, Musk mentioned that Tesla would definitely be offering the service in future, which will likely be competing with Lyft and Uber.

Musk made the announcements after the electric vehicle maker reported a quarterly profit for the first time in more than two years.

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